Indifi Technologies Raises INR 290 Crore in Series E Funding Round to Boost Growth in MSME Lending

• ByStartupStory     |    June 13, 2023

Indifi Technologies, a lending platform catering to the MSME sector, has successfully raised INR 290 crore in its Series E funding round. The round was spearheaded by funds managed and advised by ICICI Venture, with participation from established investors such as British International Investment, OP Finnfund Global Impact Fund I, Omidyar Network India, Flourish Ventures, and CX Partners.

With the newly secured funding, Indifi Technologies, the digital lending platform, is poised to accelerate its growth and bolster its market presence. The funds will be strategically utilized to expand the platform’s existing operations and strengthen its foothold in the industry. Indifi will prioritize the development of innovative products aimed at serving underserved segments within the MSME sector, allowing them to cater to a broader clientele.

“This investment not only fuels our journey but also showcases the trust and endorsement of leading investors in the ecosystem. As an organisation, our commitment has been unwavering when it comes to marrying technology with ground-level understanding to create positive outcomes for MSMEs across India. We are thankful to ICICI Ventures and our other investors for sharing this belief and their continued vote of confidence in our endeavours,” said Alok Mittal, MD & CEO, Indifi Technologies.

Back in November 2021, Indifi Technologies, headquartered in Gurugram, successfully raised INR 340 crore in a Series D funding round comprising equity and debt. The round was spearheaded by CX Partners and OP Finnfund Global Impact Fund I. Alok Mittal and Siddharth Mahanot founded Indifi Technologies in 2015, establishing it as a lending platform dedicated to facilitating debt financing for small businesses. 

With a notable track record, Indifi has disbursed over 73,000 loans across more than 400 cities, amounting to a cumulative disbursement value exceeding INR 4,100 crore. The company proudly announced achieving profitability in February 2022 and has consistently grown in profitability ever since.

“Indifi has created a best-in-class digital technology platform for lending to the large MSME sector, enabling access to credit for this highly underserved segment of the Indian economy. Indifi’s strong relationships with ecosystem partners and liability partners stand in good stead as it targets a rapid scale up. The robust governance and risk frameworks of the company inspire confidence and we are excited to partner with Indifi in its onward journey,” added Nikhil Mohta, Senior Director, Private Equity on behalf of ICICI Venture.

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